- Former BitMEX CEO Arthur Hayes closed March puts on Bitcoin with a strike price of $35,000 and is waiting for the ATH to be updated.
- CryptoQuant indicated $104,000–112,000 as a guide and $55,000–59,000 in a pessimistic scenario.
- The founder of SkyBridge Capital, Anthony Scaramucci, urged not to doubt and buy digital gold at current levels.
Former BitMEX CEO Arthur Hayes abandoned his previous forecast for Bitcoin to fall below $35,000 and is now waiting for the all-time high to be renewed this year.
At the beginning of the year, expert Hayes identified several factors that would negatively affect the price of the first cryptocurrency:
- policy Fed and “excessive” inflation;
- conflicts in the Middle East, including clashes in Yemen;
- US presidential elections.
At that time, he reported that he had purchased put options expiring March 29 with a strike price of $35,000.
In an interview with Crypto Banter, Hayes noted that he no longer expects a significant correction in the foreseeable future.
He explained the purchase of puts by expectations of stress in the US banking sector and a repeat of the situation in March 2023. Hayes expected the price to drop below $40,000.
In the 20s of January, this actually happened, but the lack of further development of downward dynamics ultimately forced him to close the position due to the “killing premium,” he admitted.
The specialist still expects central banks to switch to resumption of issuing fiat money due to problems in the commercial real estate sector, which could lead to further collapses of financial institutions.
CryptoQuant is waiting for 2x
CryptoQuant CEO Ki Yoon Joo was even more optimistic than Hayes. According to the expert, digital gold could rise in price to $104,000–$112,000 this year due to high interest in spot Bitcoin ETFs.
#Bitcoin Could reach $112K this year driven by ETF inflows, worst-case $55K.https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b
— Ki Young Ju (@ki_young_ju) February 11, 2024
The specialist extrapolated January inflows into products in January ($9.5 billion) for the entire year and received a figure for the increase in realized capitalization of $76–114 billion. In his opinion, the growth impulse will be sustainable, despite outflows from GBTC.
In the worst-case scenario, the CEO of CryptoQuant expects the price of the first cryptocurrency to rise to $55,000–59,000.
Lost time to buy?
The founder of SkyBridge Capital, Anthony Scaramucci, urged not to hesitate about opening a long position on Bitcoin, despite the price consolidating above $50,000.
A weaker-than-expected slowdown in inflation pushed back expectations for the Fed's key rate cut from May to June, but caused limited impact on Bitcoin.
Options traders previously bet on digital gold rallying toward $65,000 in the second quarter.
Source: Cryptocurrency
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